Airtel’s installment bank has extended its operations to 200 plus villages across Rajasthan, Telangana, Andhra Pradesh and Karnataka with at least one Airtel Payments Bank outlet in every village offering essential and basic banking services, that includes cash deposit, withdrawals, and money transfer facility.
As the organization aims to grow its payments banking services to 5,000 villages across the whole country, it’s planning to lessen the reliance on cash transactions by making financial services available to millions outside the banking system.
Airtel Payments Bank, India’s first payment bank service is a unit of Bharti Airtel, in which the nation’s biggest telecom organization possesses 80 percent while the rest of the shares are held by Kotak Mahindra Bank.
As per the organization, Airtel’s payments banking services would help cashless buys of farm produce, products and services through cell phones.
The pilot for the installments bank administration was initiated by the telecom organization a year ago, beginning from Rajasthan with 10,000 retail outlets. It offers an annual interest of 7.25 percent and a Rs 1 lakh personal accident insurance to account holders. Airtel is looking up to extend its scope to around 1,00,000 outlets before the end of this year.
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Madhurima Goyal, From ITvoir News Desk